Crews are renovating the historic building at 173 Main Street with plans to have its office spaces filled this summer by CGI, a Massachusetts-based IT company. And the College has signed a contract with The Olympia Companies of Portland to build and manage a hotel at the former site of the Levine’s store at the other end of Main Street, which will be owned by Colby, the Sentinel reports.

With the future addition of a Colby student residence hall on Main Street and other properties developed by local and alumni businessmen, downtown Waterville is poised to flourish. “I hope within five years we’d be in a place where we have a vibrant Main Street that’s becoming a destination,” President David A. Greene told Mainebiz. “And in 10 years have a sustainable business model … where the market takes over.”